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Author
Bielawski Paweł (Kolegium Nauk o Zarządzaniu i Jakości)
Title
Stopa zwrotu kapitału a ceny aktywów finansowych i niefinansowych
The Rate of Return on Capital and the Price of Financial and Non-financial Assets
Source
Zeszyty Naukowe / Akademia Ekonomiczna w Krakowie, 2004, nr 619, s. 5-19, bibliogr. 15 poz.
Keyword
Rachunkowość finansowa, Stopa zwrotu kapitału, Aktywa, Kalkulacja stopy zwrotu
Financial accounting, Return on Investment (ROI), Assets, Rate of return calculation
Note
summ.
Abstract
W opracowaniu zaprezentowano teoretyczne koncepcje pojęcia stopy zwrotu, oraz różnice pomiędzy księgową a ekonomiczną stopą zwrotu. Omówiono również związek cen produktów z wartością kapitału i zaproponowano model kosztów posiadania do wyceny aktywów finansowych i niefinansowych.

This article presents various theoretical notions of the rate of return. Each investment may be viewed as a foregoing of current consumption to pursue uncertain future benefits. For foregoing current consumption, the investor expects a reward; that reward is the rate of return on the investment. The economic rate of return (internal rate of return) is calculated as the multi-year average given a specific estimate of the capital value, without including accounted costs (depreciation). The accounting rate of return is the ratio of estimated annual increase in profit to the estimated average increase in assets, or the classic capital profitability indicator, also known as the rate of return. On an effective financial assets market, the net present value (NPV) of projects involving the turnover in these Instruments is close to zero. The expected rate of return on these investments is often defined in accordance with the CAPM model used for the valuation of financial instruments. The premises of the effective capital market concept may be used to value financial and non-financial assets. To value futures contracts on financial and non-financial assets one could also use the ownership cost model. (original abstract)
Accessibility
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Full text
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Bibliography
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ISSN
0208-7944
Language
pol
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